Delete Pages From Legal Utah Startup For Sole Proprietorship Forms For Free

Close your business Decide to close. Sole proprietors can decide on their own, but any type of partnership requires the co-owners to agree. ... File dissolution documents. ... Cancel registrations, permits, licenses, and business names. ... Comply with employment and labor laws. ... Resolve financial obligations. ... Maintain records.

There are also no fees involved with forming or maintaining this business type. If you want to operate a Utah sole proprietorship, all you need to do is start working. However, just because it's so easy to get started doesn't mean there aren't some additional steps you should take along the way.

To close their business account, a sole proprietor needs to send the IRS a letter that includes the complete legal name of their business, the EIN, the business address and the reason they wish to close their account.

As Brittin wrote, "a sole proprietorship can exist as long as its owner is alive and desires to continue the business. When the owner dies, the sole proprietorship no longer exists. The assets and liabilities of the business become part of the owner's estate."

In the case of a sole proprietorship, you declare your profit and loss on Schedule C of Form 1040. But, to file Schedule C, you'll have to qualify first. The conditions to qualify are: Your goal is to engage in business activity for income and profit.

Step 4 ? Research business license requirements After doing so, you'll want to research any local requirements, those enforced by the county or city where you're doing business. Good news, Utah doesn't require a ?general? business license at the state-level for Sole Proprietors.